Funding arb · Price arb /

TSM

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Phemex against Bybit+0.364%7-day average +0.050% · you sell dearer than you buy

Net, funding: paid 7d − costs−$123as in the Funding arb table

Net, price: spread back to 7d avg − costs−$91as in the Price arb table

costs, in and out, $10k−$1221.223% of the position

Long on Bybit Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.007%−$1 on $10k

Price spread, last 4 days (all we have)−0.349%−$35 · spread now +0.364%, 7d avg +0.050%

Together, before fees−0.356%−$36 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Phemex is 0.314% dearer against Bybit than usual: you sell high and buy low, +$31 on $10k if it goes back to its 7-day average of +0.050%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit TSMUSDT	439.62	0	get 0.0000% / 8h	2h 23m	$2.0M	$399K	50x
Short	Phemex TSMUSDT	441.22	0	get 0.0000% / 8h	2h 23m	$1.5M	$506K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Bybit. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee BybitbpFee PhemexbpOrdersPrice spread, now +0.364%Rate

Funding earned: $0
Price spread: +0.364% → +0.050%: $31.35
Slippage, 4 orders: −$99.32
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$90.97
Costs to cover: 1.223%
Break-even: never at this rate

Slippage from Bybit: live order book, 3 min ago; Phemex: live order book, 4 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Bybit live order book, 3 min ago	1.93 bp	12.8 bp −$13	69.2 bp −$692	doesn't fit	doesn't fit
Sell Phemex live order book, 4 min ago	1.59 bp	65.2 bp −$65	doesn't fit	doesn't fit	doesn't fit

TSM on 28 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget TSMUSDT	−0.0247%	8h	439.93	+0.071%	$1.7M	$1.6M	20x	as long as short
Aster TSMUSDT	0.0000%	8h	439.85	+0.053%	$82K	$2K	20x	as long as short
Bybit TSMUSDTlong	0.0000%	8h	439.62	long leg	$2.0M	$399K	50x
OKX TSM-USDT-SWAP	0.0000%	8h	439.75	+0.030%	$4.0M	$2.5M	20x	as long as short
Gate TSM_USDT	0.0000%	8h	439.74	+0.027%	$1.7M	$1.1M	100x	as long as short
Variational Omni TSM	0.0000%	8h	439.55	−0.015%	$551K	$30K	—	as long as short
SunX TSM-USDT	0.0000%	8h	439.88	+0.059%	$1K	$4.2M	10x	as long as short
HTX TSM-USDT	0.0000%	8h	439.46	−0.036%	$9K	$8K	20x	as long as short
Phemex TSMUSDTshort	0.0000%	8h	441.22	+0.364%	$1.5M	$506K	10x
Lighter TSM	+0.0032%	1h	439.80	+0.041%	$495K	$138K	10x	as long as short

Show all 28 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH TSM	+0.0032%	1h	439.80	+0.041%	$219K	$681K	10x	as long as short
Vest TSM-USD-PERP	+0.0046%	1h	439.50	−0.027%	—	$1K	25x	as long as short
tradeXYZ xyz:TSM	+0.0050%	1h	439.50	−0.027%	$10.2M	$1.8M	10x	as long as short
Polymarket Perps TSM-USD	+0.0050%	1h	439.61	−0.002%	$192K	$63K	10x	as long as short
SoDEX TSM-USD	+0.0050%	1h	439.28	−0.077%	$134	$3K	10x	as long as short
Ondo Perps TSM-USD.P	+0.0050%	1h	439.61	−0.002%	$158K	$26K	10x	as long as short
GRVT TSM_USDT_Perp	+0.0052%	8h	439.76	+0.031%	$13K	$1.3M	10x	as long as short
Binance TSMUSDT	+0.0054%	8h	439.92	+0.068%	$12.8M	$7.7M	20x	as long as short
Extended TSM-USD	+0.0056%	1h	439.78	+0.036%	$5K	$183K	10x	as long as short
Coinbase International TSM-PERP-INTX	+0.0072%	1h	439.33	−0.066%	$366K	$102K	10x	as long as short
BloFin TSM-USDT	+0.0077%	8h	439.93	+0.071%	$45K	$103K	20x	as long as short
KuCoin TSMUSDTM	+0.0100%	8h	439.44	−0.041%	$267K	$310K	20x	as long as short
Orderly PERP_TSM_USDC_mythos	+0.0100%	8h	439.73	+0.025%	$21	—	10x	as long as short
Aevo TSM-PERP	+0.0104%	1h	439.74	+0.028%	$123	—	10x	as long as short
Phoenix TSM	+0.0163%	1h	439.44	−0.041%	$214K	$5K	10x	as long as short
Injective TSM/USDC PERP	+0.0220%	1h	444.65	+1.144%	$6K	$38K	12x	as long as short
edgeX TSMUSDC	+0.0467%	4h	439.42	−0.047%	$47K	$215K	10x	as long as short
Deribit TSM_USDC-PERPETUAL	+0.0729%	1h	439.72	+0.023%	$4	$24K	10x	as long as short